Shares of Research In Motion Ltd. surged on Tuesday amid unconfirmed reports that billionaire activist investor Carl Icahn is considering taking a stake in the embattled BlackBerry maker.

At 11:30 a.m., RIM shares were up more than 5% to $23.50 on the Toronto Stock Exchange. At one point shares were up 7.4% on news that Mr. Icahn has taken an interest in the beleaguered Waterloo, Ont. tech company.

According to Bloomberg, CNBC reported that several Wall Street traders have speculated Mr. Icahn may be interested in taking a stake in the company. He was most recently involved in a failed takeover battle for Lions Gate Entertainment Corp.

“Carl Icahn’s stake is unconfirmed,” RBC Capital Markets financial analyst Mike Abramsky wrote in a note to clients on Tuesday.

“If he has taken a position, he may likely push for a board seat, and compel the company to peruse value-creating strategies such as the sale of the company, ‘Split the Berry’ break-up and others.”

With a report from Eric Lam

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